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Housing Affordability in New Zealand: Evidence from Household Surveys

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  • David Law
  • Lisa Meehan

    ()
    (The Treasury)

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    Abstract

    Housing affordability has been a topic of much interest in New Zealand over recent years with the median house price increasing by over 50% between 2004 and 2008. The aim of this paper is to inform debate by drawing out evidence from two surveys: the Household Economic Survey (HES); and the Survey of Family, Income and Employment (SoFIE). In particular, the paper examines how patterns of house prices, expenditures, and home ownership have changed over time and across groups. A model which may be suggestive of whether or not an individual or couple is likely to find home-ownership affordable is also developed. This model incorporates information relating to four important influences of affordability: income; net wealth; house prices; and the structure of mortgage contracts (including the interest rate and mortgage term).

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    File URL: http://www.treasury.govt.nz/publications/research-policy/wp/2013/13-14/twp13-14.pdf
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    Bibliographic Info

    Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 13/14.

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    Length: 30
    Date of creation: Jul 2013
    Date of revision:
    Handle: RePEc:nzt:nztwps:13/14

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    Related research

    Keywords: Housing Affordability; House Prices; Homeownership; Housing Expenditures; Rent; Mortgage Payments;

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    1. Trinh Le & John Gibson & Steven Stillman, 2012. "Wealth and saving in New Zealand: evidence from the longitudinal survey of family, income and employment," New Zealand Economic Papers, Taylor & Francis Journals, Taylor & Francis Journals, vol. 46(2), pages 93-118, November.
    2. Grant Scobie & Trinh Le & John Gibson, 2007. "Housing in the Household Portfolio and Implications for Retirement Saving: Some Initial Finding from SOFIE," Treasury Working Paper Series, New Zealand Treasury 07/04, New Zealand Treasury.
    3. Stanley Fischer & Franco Modigliani, 1978. "Towards an understanding of the real effects and costs of inflation," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 114(4), pages 810-833, December.
    4. DiPasquale, Denise & Glaeser, Edward L., 1999. "Incentives and Social Capital: Are Homeowners Better Citizens?," Journal of Urban Economics, Elsevier, vol. 45(2), pages 354-384, March.
    5. repec:taf:regstd:v:46:y:2012:i:2:p:93-118 is not listed on IDEAS
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